Henrico, VA—23229
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Henrico, VA
As of Oct '25, the median home price in Henrico, VA is $503,000, with a year-over-year change of 2.4%. This indicates that home prices in Henrico, VA are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $503,000 | 2.4% |
| Single Family | $501,000 | 2.5% |
| Condos | $539,000 | 3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $331,000 | 2.2% |
3 Bed | $401,000 | 0.8% |
4 Bed | $627,000 | 3.8% |
| 5 Bed | $1,208,000 | 8.4% |
% of Housing Stock
Rental Trends — Henrico, VA
As of July '25, Rentcast reports the average rent in Henrico, VA is $2,160, with a year-over-year rent change of -8.9%. Per bedroom, the median rent as of July '25 in Henrico, VA is studios: $1,050, 1-bedrooms: $1,270, 2-bedrooms: $1,790, 3-bedrooms: $2,230, 4-bedrooms: $2,640. The most common rental property sizes in Henrico, VA are 2-bedroom and 1-bedroom, accounting for 43.1% and 21.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,160 |
| Studio Rent | $1,050 | $1,050 |
| 1 Bed Rent | $1,300 | $1,270 |
| 2 Bed Rent | $1,850 | $1,790 |
| 3 Bed Rent | $2,200 | $2,230 |
| 4 Bed Rent | $2,700 | $2,640 |
% of Rental Stock
Property Listings — Henrico, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Henrico, VA is 32. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $501,000 | 2.0% |
Listing Count | 87 | 21.0% |
| Listings as % of Homes | 0.3% | 21.0% |
Days on Market | 32 | -4.0% |
Demographics — Henrico, VA
As of the latest ACS Survey released in 2023, Henrico, VA has a population of 35,900, which has increased by 1.1% over the past 5 years. Henrico, VA is a popular place for families, as children make up 25.5% of the population. The area has a highly educated workforce, with 58.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 35,900 | 1.1% |
% Under 18 | 25.5% | 1.2% |
% Seniors | 17.6% | 4.8% |
% WFH | 22.5% | 158.6% |
% w/ College Degree | 58.6% | 5.4% |
As of the latest ACS Survey released in 2023, Henrico, VA is a predominantly white area, with 73.0% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Henrico, VA is hispanic, making up 8.9% of the population. Foreign-born residents account for 15.8% of the population in Henrico, VA, and this percentage has increased by 1.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 73.0% | -4.3% |
% Black | 5.9% | -7.8% |
% Hispanic | 8.9% | 12.7% |
% Asian | 6.6% | -8.3% |
% Foreign Born | 15.8% | 1.3% |
Mortgage and Risk — Henrico, VA
According to HUD data as of 2023, there were 324 mortgage originations in Henrico, VA, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Henrico, VA. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 324 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Henrico, VA
As of 2024, the percent of homes in Henrico, VA under the Section 8 program is 3.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Henrico, VA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 148 |
Total Units Section 8 | 148 |
% Rentals under Section 8 | 3.9% |
% Occupied Section 8 | 97.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $1,300 | $1,520 |
| 2 Bedroom | -$170 | $1,850 | $1,680 |
| 3 Bedroom | -$70 | $2,200 | $2,130 |
| 4 Bedroom | -$70 | $2,700 | $2,630 |
Affordability — Henrico, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $503,000 |
| Median Household Income | $102,000 |